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UK challenger bank recruits former Barclays vice-chairman

Fledgling UK lender OakNorth Bank, which received the first part of its banking licence earlier this year, has named Cyrus Ardalan, former vice-chairman of public policy and government relations at Barclays, as its chairman.

Ardalan said that the challenger bank would focus on providing services to entrepreneurs and early-stage businesses, adding that gaining “a few percent” share of the UK banking market would be enough to help the start-up garner an asset base of close to“a few billions” over five to seven years.